Browsing by Author "Ertugay, Emrah"

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    Gelecekteki nakit akışlarının tahmininde nakit akışlarının ve tahakkukların rolü
    (Sosyal Bilimler Enstitüsü, 2013) Ertugay, Emrah; Çelik, Orhan; İşletme
    This study examines the role of current cash flows and total accruals in the prediction of future cash flows, which is crucial for the decision making process of financial information users. Accrual basis accounting does not consider the realization time of cash flows in earnings recognition. The economic transaction itself is sufficient for recognizing the revenue or expenses item regardless of actual payment or collection. Every accrual component is expected to convert into cash during the firm?s business cycle. Owing to this expectation, each component reveals a different set of information, while aggregate earnings can cover this information. In the first part of the study, the explanatory powers of cash flows and total earnings on the future cash flows are compared. It is shown that total accruals have a superior explanatory power than current cash flows. In the second part, the information content of the total earnings components is attempted to bet established. To do so, first of all, total earnings are disaggregated as cash flows and total accruals. Next, both the predictive power and the information content of components are compared to those obtained from the first part of the study. Hereby, it is proved that the disaggregation process of earnings enhances the predictive power of the model, and total accruals provide more information than the cash flow component. Subsequently, total earnings are decomposed into the cash flows and the major components of total accruals which are change in accounts receivables, change in inventories, change in accounts payable, amortization and depreciation and other accruals. Consequently, it is found that disaggregated accruals model has the highest predictive power, and the predictions are consistent with the information content of accrual components.
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    Güvence Denetimi ve Hukuki Altyapısı
    (Ankara Üniversitesi Siyasal Bilgiler Fakültesi, 2025) Gökhan Aydoğan; Ertugay, Emrah
    Şirketlerin üretmiş olduğu bilgilerin bilgi kullanıcıları için güvenilir olmasını sağlamaya yönelik hukuki araçlardan en önemlisi “denetim”dir. Denetimin farklı türleri olmakla birlikte bunlar arasında “güvence denetimi”; finansal ve finansal olmayan özel nitelikli bilgilerin tarafsız, bağımsız ve uzman kişiler tarafından bu alana ilişkin oluşturulan belirli standartlar çerçevesinde incelenip “doğrulama hizmeti” veya “doğrudan denetim” yoluyla “makul” veya “sınırlı” olmak üzere iki tür güvence düzeyine ulaşılmasına yönelik bir faaliyettir. Söz konusu faaliyet, Uluslararası Muhasebeciler Federasyonu bünyesindeki Uluslararası Bağımsız Denetim ve Güvence Denetimi Standartları Kurulu tarafından hazırlanan ve Türkiye de dâhil birçok ülkede model olarak kullanılarak yürürlüğe konulan belirli standartların kapsadığı konularda yürütülebilmektedir. Türkiye’de özellikle son dönemde daha da önem kazanmış olan konkordato süreçleri, sürdürülebilirlik raporlamaları ve sermaye piyasası araçlarının halka arzı için hazırlanan izahnamelerde yer alan birtakım bilgiler hakkında güvence denetiminin gerçekleştirilmesi bu konuda yürürlüğe konulan standartları önemli kılmaktadır. Bu çalışmada güvence denetiminin kavramsal çerçevesi ve terminolojisi, hukuki altyapısı, yürürlükte olan güvence denetimi standartları ve güvence denetiminin Türkiye’deki kullanım alanları ele alınmıştır. Aynı zamanda bu faaliyetin yürütülmesine temel teşkil eden güvence denetimi sözleşmesi; sözleşmenin tarafları, şekli ve hukuki niteliği bağlamında incelenmiştir
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    Sermaye piyasalarında gönüllü kamuyu aydınlatma
    (Sosyal Bilimler Enstitüsü, 2006) Ertugay, Emrah; Çelik, Orhan; İşletme
    Voluntary Disclosure in Capital Markets, Master?s Thesis,Advisor: Assistant Prof. Orhan ÇELİK, 114 s.ABSTRACTCapital markets are markets that constitute a bridge between those thatoffer funds and those that demand funds and they bear great significance forthe fields in which they are active. That the savings owner would provide fundsfor exporters by investing money in securities and that this would be continuousdepends on the investors? being informed and their relying on capital marketsby being guarded against being cheated. The concept of disclosure ensures?trust? between the fund offerers and demanders in the developing andspreading capital markets. The fact that will take this atmosphere of trust onestep further and that will expand it is the concept of ?Voluntary Disclosure?.In the first section of the research, the concept of ?Voluntary Disclosure?has been related to the concepts of transparency and activity and its definition,objectives, functions and the persons that are obliged to make disclosures areconsidered and the disclosure activities of institutions that arrange and inspectcapital markets are studied.In the second section, the definition and the scope of VoluntaryDisclosure are focused on and the recommendations of internationalorganizations are discussed. The information to be disclosed and thecharacteristics of such information are considered and the costs and benefits ofvoluntary disclosure and its impacts on capital markets are explored.In the third section, a practical example of the research scope has beenconstituted by studying the activities performed by Arçelik A.Ş. within the scopeof voluntary disclosure in the light of the activity reports of the last five years.